Gongsibao, a tax services platform, has closed a $15-million Series B round co-led by Chinese electric vehicle (EV) player NIO’s investment arm NIO Capital and 5Y Capital (formerly Morningside Venture Capital), per a company statement on Wednesday.
The startup will use the proceeds technology R&D, big data analytics, algorithm applications, market expansion, talent recruitment, among others.
Gongsibao, which was set up by its parent company Sinotone Consulting in 2014, operates a platform to deliver software-as-a-service (SaaS) based tax solutions for small and medium-sized enterprises.
Its portfolio of services includes business registration, intellectual property, finance and taxation management and share transfers.
The platform had earlier completed a 40 million yuan ($6 million) Series A round from software products developer Yonyou, Yinxinggu Capital and Dark Horse Ventures in 2017.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on November 18, 2020.
